Sales up at industrial equipment supplier but inflation continues to bite

HC Slingsby, a distributor of industrial and commercial equipment, says its group sales in the four months to 30 April 2023 were 3% higher compared to the same period in the prior financial year.

In its trading update for the period, the Baildon-based business – which holds its Annual General Meeting at 10am today – adds its unaudited pre-tax profits for the four months to the end of April 2023 were £0.1m. (2022: £0.19m).

The group had unaudited net cash of about £0.4m as of 30 April 2023, compared to £0.55m as of 30 April 2022 and £0.03m as of 31 December 2022. 

Slingsby notes: “The market remains competitive and the group remains cautious regarding the outlook for the remainder of the financial year.

“This is particularly the case given the significant uncertainty remaining caused by the continuing conflict in Ukraine, the risk of a recession in the Group’s main UK market and given that the longer-term impacts of Coronavirus and of Brexit are not yet fully known. 

“It is unclear as to the impact that these factors will have on demand going forward.

“Inflationary pressures remain, leading to cost price increases across the product range and in overheads.  This increased level of overheads in the first four months of 2023 is considered by the directors likely to persist for the remainder of the year.”